M&T Bank Corp lifted its stake in M.D.C. Holdings, Inc. (NYSE:MDC) by 8.0% in the fourth quarter, HoldingsChannel reports. The firm owned 34,686 shares of the construction company’s stock after acquiring an additional 2,561 shares during the quarter. M&T Bank Corp’s holdings in M.D.C. were worth $1,105,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of MDC. JPMorgan Chase & Co. lifted its position in shares of M.D.C. by 120.9% in the third quarter. JPMorgan Chase & Co. now owns 547,871 shares of the construction company’s stock worth $18,020,000 after purchasing an additional 299,904 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of M.D.C. by 90.6% in the third quarter. Prudential Financial Inc. now owns 583,941 shares of the construction company’s stock worth $19,393,000 after purchasing an additional 277,580 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of M.D.C. by 54.1% in the fourth quarter. Acadian Asset Management LLC now owns 443,507 shares of the construction company’s stock worth $14,139,000 after purchasing an additional 155,618 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of M.D.C. by 37.8% in the third quarter. Canada Pension Plan Investment Board now owns 526,435 shares of the construction company’s stock worth $17,483,000 after purchasing an additional 144,300 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of M.D.C. by 7,427.7% in the third quarter. Russell Investments Group Ltd. now owns 143,027 shares of the construction company’s stock worth $4,750,000 after purchasing an additional 141,127 shares in the last quarter. 89.36% of the stock is owned by institutional investors and hedge funds.
In related news, Director Herbert T. Buchwald sold 28,350 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $31.52, for a total value of $893,592.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David Siegel sold 2,500 shares of the stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $31.83, for a total value of $79,575.00. The disclosure for this sale can be found here. Corporate insiders own 25.30% of the company’s stock.
M.D.C. (NYSE:MDC) last released its quarterly earnings data on Thursday, February 1st. The construction company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.25). M.D.C. had a return on equity of 11.00% and a net margin of 5.50%. The firm had revenue of $704.26 million during the quarter, compared to analyst estimates of $722.48 million. During the same quarter in the prior year, the company posted $0.78 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. analysts expect that M.D.C. Holdings, Inc. will post 2.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 21st. Investors of record on Wednesday, February 7th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, February 6th. This represents a $1.20 dividend on an annualized basis and a yield of 3.90%. This is an increase from M.D.C.’s previous quarterly dividend of $0.25. M.D.C.’s dividend payout ratio is currently 48.10%.
A number of research firms have recently issued reports on MDC. UBS Group began coverage on shares of M.D.C. in a research report on Wednesday, October 25th. They issued a “sell” rating and a $34.00 price target for the company. Zacks Investment Research raised shares of M.D.C. from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the company in a research report on Thursday, February 1st. Citigroup reduced their price target on shares of M.D.C. from $37.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Bank of America increased their price objective on M.D.C. from $31.00 to $34.00 and gave the stock an “underperform” rating in a report on Friday, February 2nd. Finally, Raymond James Financial upgraded M.D.C. from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a report on Tuesday, February 13th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $33.71.
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M.DC Holdings, Inc is engaged in two primary operations, including homebuilding and financial services. The Company’s segments include West, including segments located in Arizona, California, Nevada and Washington; Mountain, including segments located in Colorado and Utah; East, including segments located in Virginia, Florida and Maryland, which includes Pennsylvania and New Jersey; mortgage operations, including HomeAmerican Mortgage Corporation, and Other, which includes Allegiant Insurance Company, Inc, StarAmerican Insurance Ltd., American Home Insurance Agency, Inc and American Home Title and Escrow Company.
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